What $1 million buys you in Cape Town vs the rest of the world

Wealth consultants Knight Frank have launched their newest report on luxurious residential markets. The PIRI 100 Review of 2020 reveals simply how far $1 million (or about R14.5 million) can go on varied property ladders throughout the world. Cape Town, alongside 19 different opulent cities, options on the record – and the outcomes are eye-opening.

Pandemic ravages Cape Town property market

Cape Town’s property market slumped by greater than 9% final year, crushed solely by Buenos Aries in Argentina, which noticed its leasing market collapse by 12%. According to the consultants, a sophisticated system for patrons is hampering recovery efforts. No such issues have been skilled in some of the ‘bigger-hitting’ nations, nonetheless:

“Buenos Aires (-12%) occupies the bottom ranking this year. With properties priced in US dollars, but mortgages offered only in pesos, not to mention capital controls, buying property in Argentina is far from straightforward.”

“Despite Asian markets occupying a number of the higher PIRI rankings, Australasia and North America were the top-performing regions in 2020, averaging annual growth of 4.9% and 6.3% respectively. Both regions saw a surge in pent-up demand as lockdowns eased and homeowners re-evaluated their lifestyles.” | Knight Frank

What can $1 million purchase you in Cape Town?

From all the information shared by Knight Frank on Tuesday, the graphic featured beneath offers us the most visually-engaging info. The group have checked out the quantity of sq. metres of prime property $1 million should purchase. In some cities, it wouldn’t a lot as purchase you a field room – however in others, it will permit you to stay a life of luxurious.

Thankfully, Cape Town is in the latter class. In the metropolis comparability, CPT presents patrons the second-best worth for money: A million bucks will land you with a 203 square-metre property (on common), bested solely by Sao Paolo, which might supply a 252 square-metre residence at the similar worth. The much less stated about Monaco, Hong Kong, and London, the higher.

Photo: Knight Frank

For $1 million in Cape Town, you may purchase…

Six-bedroom homes, prime actual property in Camps Bay, and luxurious residences:

$1 million
Photo: Pam Golding

OR, you may deal with your self to fascinating areas in the most sought-after suburbs:

Cape Town property 3 $1 million
Photo: Remax Protection Status

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